{"id":431771,"date":"2024-09-17T14:35:20","date_gmt":"2024-09-17T09:35:20","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=431771"},"modified":"2024-09-17T14:35:20","modified_gmt":"2024-09-17T09:35:20","slug":"uk-pm-starmer-says-first-budget-wont-undermine-growth-goal","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/uk-pm-starmer-says-first-budget-wont-undermine-growth-goal\/","title":{"rendered":"UK PM Starmer says first budget won\u2019t undermine growth goal"},"content":{"rendered":"

Ahead of that budget, Starmer said that, while dealing with that black hole was essential for creating the stability necessary for growth, all decisions would be made against the objective of growth<\/strong>
\nROME: British Prime Minister Keir Starmer said that his government\u2019s first budget next month wouldn\u2019t take steps that undermine his goal to generate growth, but warned that unfunded spending commitments could damage the economy.
\nElected in July, Starmer has said he has a dire inheritance left by the previous Conservative administration, and new finance minister Rachel Reeves has warned that taxes are likely to rise in her first budget on Oct. 30 because of what she said was a 22 billion pound ($29 billion) black hole in the public finances.
\nAhead of that budget, Starmer said that, while dealing with that black hole was essential for creating the stability necessary for growth, all decisions would be made against the objective of growth.
\n\u201cIf it promotes economic growth, it\u2019s in the Yes column; if it inhibits economic growth, then it\u2019s in the No column,\u201d Starmer told reporters on a trip to Italy on Monday.
\n\u201cAnd because I believe that stability is vital for economic growth \u2014 I don\u2019t think we\u2019re going to get economic growth if we don\u2019t stabilize the economy \u2014 we\u2019re going to do the really hard stuff now.\u201d
\nLabour has committed to a fiscal rule that day-to-day costs are met by revenues and debt must be falling as a share of the economy within five years under a budget\u2019s forecast.
\nAsked if he would tweak fiscal rules to promote growth, amid concern from some economists about underinvestment in the economy, Starmer said it was a matter for the budget but strong fiscal rules were important.
\n\u201cI\u2019ve always thought it\u2019s important to borrow to invest,\u201d Starmer said, though he warned he didn\u2019t want a repeat of the unfunded budget measures that sparked a crisis that forced Conservative Prime Minister Liz Truss from office in 2022.
\n\u201cUnfunded commitments for spending are just as bad (as unfunded tax cuts) and likely to have the same impact on the economy.\u201d ($1 = 0.7573 pound)<\/p>\n","protected":false},"excerpt":{"rendered":"

Ahead of that budget, Starmer said that, while dealing with that black hole was essential for creating the stability necessary for growth, all decisions would be made against the objective of growth ROME: British Prime Minister Keir Starmer said that his government\u2019s first budget next month wouldn\u2019t take steps that undermine his goal to generate […]<\/p>\n","protected":false},"author":2,"featured_media":431777,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-431771","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\nUK PM Starmer says first budget won\u2019t undermine growth goal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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